[Selling Half Position on QQQQ Puts/Selling to Close Dec 36 Puts (QQQXJ)/Day Order/Limit/$1.75]
Dear Member:
For the time being, the Q's (and the Nasdaq) are holding at a support. I have decided to take profit in half of my put position on QQQQ so I am placing an order to sell half of my Dec 36 puts (QQQXJ) at a limit of $1.75. I originally bought them on June 8th for $1.40 so that would represent a 25% gain on this portion before commissions. If the market continues to drop, I still have half my position and if it turns up, I have a greater chance of making a profit overall.
DISCLOSURE: At the time of publication, I own Dec 36 puts on QQQQ.
Sincerely,
Bill Kraft
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